Newspaper article The Journal (Newcastle, England)

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Newspaper article The Journal (Newcastle, England)

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SUNDAY TELEGRAPH ROYAL Bank of Scotland shares have been hammered by the crisis but could be a good buy for those investors taking a long-term view.

The 84% state-owned bank will be loss-making until at least next year and shares do not pay a dividend, but turnaround plans are ahead of schedule and parts of the "core" bank are performing well.

The backing of a British Government desperate to see a return on its massive investment and a management team ahead of schedule on delivering a five-year turnaround mean there are plenty of reasons to be positive.

Impairments last year were below consensus ast pounds 13.9bn compared to a 200 figure of more than pounds 20bn, while revenues at pounds 31.7bn, were also above analysts' forecast and up 34% on 2008.

Chief executive Stephen Hester has been clear that RBS faces many difficulties ahead, not least the threat of a double-dip recession and major uncertainty over future bank capital requirements. …

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